Question

From 2006 to 2010, per capita real gross domestic product (GDP) in the Philippines grew an average of 3.16% per year. At that rate, according to the Rule of 70, in roughly how many years will the Filipino economy double in size?a. 21 yearsb. 12 yearsc. 22 yearsd. 33 yearse. 45 years

Answer 1

Answer:

years to double GDP  = 22.15   = 22 years

so here correct option is c. 22 years

Explanation:

given data

average growth rate  = 3.16% per year

Rule of 70

to find out

how many years will the Filipino economy double in size

solution

we know that according to Rule of 70

years to double GDP is express as

years to double GDP  = $\frac{70}{growth\ rate}$       ......................1

put here value of average growth rate in equation 1

years to double GDP  = $\frac{70}{growth\ rate}$

years to double GDP  = $\frac{70}{3.16}$

years to double GDP  = 22.15   = 22 years

so here correct option is c. 22 years